Global Risk Report: Are You Prepared?
The cover (see below) of the 2023 WEF Global Risk Report, I submit is meant to deliver a clear warning, signaling a global community interconnected and “heating up”
The following are some key takeaways, as I see them:
- Cost of Living – Increased food prices and prices of goods and services are going to continue to trend upward. There are obviously interconnective risks between this risk and bullets 3, 4 6, and 7 below.
- Geo-Politics – Instability will continue on a Global scale fueled by the Russia/Ukraine war, China expansion, and North Korea
- Geo-Economics – a global recession is predicated and may have already started in some markets. More vulnerable countries are expected to be severely impacted (Latin America, the Caribbean e.g.)
- Extreme Weather & Eco-systems – The effects of climate change, will continue to lead to massive swings/changes in weather patterns. The Caribbean islands can expect to see further negative disruptions.
- Social Cohesion – Societal “fragmentation” will continue. For those of us in the Caribbean, I expect that this can lead to an increase in crime and criminal activity.
- Natural Resource & Energy Crises – Food, fuel, water, energy, and raw materials will continue to become harder and more expensive to procure
- Supply chains: will continue to experience negative disruptions and remain vulnerable & unreliable
- Cyber Attacks: We can expect to see more attacks and attacks of greater magnitude (impact) in both the private and public sectors.
- Misinformation: Social media and the dissemination of fake news, disinformation, and misinformation will continue and may increase.
In summary, and as it relates to the Caribbean, we deduce from this report that institutions, if they want to be better prepared for the cascading impact of the above risks, must, in the first instance begin applying new and different thinking to the business of risk and resilience, test their vulnerabilities, calculate business impact, build out a more robust preparedness and resilient institutional framework. And, develop a more risk-intelligent workforce.
As always, please stay proactive, anticipatory, and resilient.
Cheers!